盐津铺子（002847）：公司信息更新报告：收入增长稳健，利润表现较好

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust revenue growth and good profit performance, with a revenue of 2.94 billion yuan in H1 2025, representing a year-on-year increase of 19.6%, and a net profit attributable to the parent company of 370 million yuan, up 16.7% year-on-year [4][5] - The company is capitalizing on the growth potential of its core products, particularly the spicy konjac and fish tofu, while also enhancing its brand strength through innovation and channel expansion [4][5] - The profit forecast remains unchanged, with expected net profits of 840 million, 1.05 billion, and 1.32 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 23.5, 18.9, and 15.0 times [4][5] Financial Performance Summary - In Q2 2025, the company achieved a revenue of 1.4 billion yuan, a 13.5% increase, with the spicy konjac product line showing significant sales growth of 155.1% [5][6] - The gross margin for Q2 2025 was 31.0%, a decrease of 2.0 percentage points, primarily due to channel structure adjustments [6] - The company actively managed expenses, resulting in a sales expense ratio of 9.8%, down 3.7 percentage points, and a management expense ratio of 3.7%, down 1.1 percentage points [6] Revenue Breakdown - For H1 2025, revenue from various product lines included 790 million yuan from spicy konjac, 170 million yuan from spicy meat and poultry, and 190 million yuan from spicy tofu products, with respective year-on-year changes of +155.1%, -16.7%, and +12.7% [5] - Regional revenue for H1 2025 was led by Central China with 920 million yuan, followed by East China with 550 million yuan, and Southwest and Northwest regions with 430 million yuan, showing significant growth in overseas markets [5] Financial Projections - The company is projected to achieve revenues of 6.575 billion, 8.188 billion, and 10.066 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24.0%, 24.5%, and 22.9% [8][10] - The net profit attributable to the parent company is expected to grow to 841 million, 1.046 billion, and 1.316 billion yuan for the same years, with growth rates of 31.4%, 24.4%, and 25.8% respectively [8][10]